Thursday, April 2, 2015

Just Relax

Good morning Folks, 
Tomorrow is a holiday and the markets will be closed. We have the jobs report coming out tomorrow which will likely set the tone for next week. I don't expect many traders to taking positions ahead of a long weekend with a big report on deck. 

The best thing to do in my opinion is just RELAX! The market will be here next week and while technically the markets aren't looking great.This type of choppy action is tough, going long for breakouts is risky and trying to short hasn't been an easy trade either. Just because a stock looks overbought and everyone knows its overvalued doesn't mean it is an easy short. I have seen a lot of good traders trying to anticipate shorts and getting their hats handed to them. So just be careful out there.

Going through my scans last night I did notice that many of the larger cap momo names do not look healthy and things could get nasty soon for some of them.  We have earnings season back on deck and many are anticipating this will be a weak earnings season because of the strong dollar.MU reported last night and beat earnings but guidance was light that could be bad for the SMH which has been a leader in this bull market. The IBB is testing the 50 day the SPY  looks like it may want to go test the 200 day and I am keeping a close eye on the IWM and that 121 level. 

Just when I think GLD is about to really tank it has a little bounce and looks like it may be coming back to life. GDX NUGT GDXJ could all have a little run if the GLD continues to heat up.

Stocks on my Premarket radar
LL could continue it squeeze, CNDO pr  4 dolla roll decent daily, PACB looking for the 6 dolla roll, TXMD Cramer appearance nice daily>gapper wait for setup, CNET pr could catch a bounce, RPRX Gapper off pr, LAYN possible continuation bounce, ARWR late day action yesterday possible continuation, FXCM gap off pr I wouldn't chase it, AKER very thin one with pr gapping do not chase, LBIO possible continuation gappin, XNPT could be in a bounce spot  

CNBC in the NEWS 

U.S. stock futures were lower in early trading, continuing the negative startto the second quarter on Wall Street. Weaker jobs and manufacturing reports fanned concerns about economic growth. (CNBC)
International trade data, out at 8:30 a.m. ETcould provide a deeper look at the strong dollar's impact on the economy in the first quarter and may result in economists again cutting growth forecasts. (CNBC)

The onus for restoring oil prices back to equilibrium lies squarely on the shoulders of countries like the U.S. and not OPEC, a top Goldman Sachsanalyst told CNBC.

Oil was under pressure this morning, after Iran's foreign minister said talks with the U.S. and five other nations over curbing Tehran's nuclear program have made "significant progress." (AP)

Europe's competition regulator is laying the groundwork to move againstGoogle (GOOG) in the next few weeks, the Wall Street Journal reported,setting the stage for antitrust charges against the U.S. search giant. (CNBC)

A federal investigation of alleged stock manipulation related to activist investor Bill Ackman's attack on Herbalife (HLF) has turned to his claims that the company is breaking China's laws. (LA Times)

The CFTC has charged Kraft Foods (KRFT) and Mondelez (MDLZ) withmanipulating wheat futures and cash prices. Some alleged incidents cited were before the two companies split in 2012. (CNBC)

McDonald's (MCD) plans to give the 90,000 workers at its corporate-owned locations a more-than 10 percent pay raise. The move does not apply to employees at the franchises, which set their own wages. (CNBC)

Starting today, Americans can book lodging in Cuba with online home-rental service Airbnb-the latest U.S. business to make a strategic move there since the January detente between the U.S. and the island nation. (AP)

Lawmakers in Arkansas and Indiana are scrambling to revise controversial "religious freedom" measures as the Republican governors in both states try to quell the growing criticism that the proposals are anti-gay. (AP)

Democratic Sen. Robert Menendez of New Jersey is expected to appear in a Newark courtroom today, following a federal indictment on corruption allegations. Menendez has vowed to fight the charges. (USA Today)

California Gov. Jerry Brown has issued an executive order, imposing sweeping mandatory water restrictions as the state copes with a historic drought and water shortage. (USA Today)

On this eighth annual World Autism Awareness Day, social media users arevoicing their support using #LIUB, the Light It Up Blue hashtag. (Twitter)

The stock market is closed tomorrow for Good Friday, but the government will release the March employment report at 8:30 a.m. ET as scheduled.Trading in bonds is set for an early close at noon tomorrow.
Investors today get another read on the job market, when the Labor Department issues its weekly look at jobless claims at 8:30 a.m. ET. Economists expect first-time filings for unemployment benefits of 285,000 for last week, compared to 282,000 in the prior period.

Car retailer CarMax (KMX) and clothing maker Perry Ellis (PERY) are on the short list of companies releasing earnings this morning. There are no major companies set to report after today's closing bell.

Micron Technology (MU) reported late Wednesday that earnings and revenue beat estimates. The chip maker had warned in January of slower output due to an upgrade of its production lines.

JPMorgan Chase (JPM) is on track to pay $9 billion to homeowners as part of a settlement involving mortgage-backed securities, according to an independent monitor overseeing that 2013 deal.
Morgan Stanley (MS) Chairman and CEO James Gorman has received a 25 percent pay increase in 2014-taking home $23.3 million, up from $14.4 million the prior year.

Transocean (RIG) plans to dispose of two of its oil rigs, which will result in anexpected non-cash charge of $90 million to $110 million for the first quarter of 2015.

Pfizer (PFE) will shut down its vaccine sales operation in China afterregulators there did not renew an import license for its anti-bacterial treatment Prevenar, the only vaccine it sells in that country.

AIG (AIG) has been sued by investment firm Pimco, alleging sizable lossesduring the 2008 financial crisis due to AIG's investment in "exotic securities." AIG said it would vigorously defend itself against those charges.
Seeking Alpha
Notable earnings before today's open: KMXPERYSEAC